Billionaire retailer Sir Philip Green will not take his usual bumper dividend this year after his fashion business saw pre-tax profits fall by 20%.
Results released by the Arcadia group, which includes Top Shop, Burton, Dorothy Perkins and Miss Selfridge, showed pre-tax profits dropped from 253m to 202.4m in the year to September.
The decline was a consequence of disappointing sales figures for the company. Although total sales were up 1.8%, the like-for-like figure, which excludes all new store openings, fell by 1.9%.
Last year, Sir Philip paid himself a 1.2bn dividend, the world's biggest ever. But following today's news he confirmed that this would not be the case in 2006.
Despite the figures however, the entrepreneur said he was pleased with the results.
"This represents a strong performanc...